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Joined PenFed - Power Cash Approval! PLOC Pending?

doinit1
Valued Contributor

Re: Joined PenFed - Power Cash Approval! PLOC Pending?

Congrats on your approval. I am leaning towards PenFed here soon....wish me luck!!

American Express Business Gold(NPSL 10k) Chase CSP (25k) BofA CR Siggy (20.8k) BofA BBR (22.1k) Amex BCP(4.1k) Overstock (21.1K) Lowes (17K) NFCU CLOC (15K) NFCU VS Cash (15K) Care Credit (15k) J Crew( 11.9k)Venture WMC (10.25k) Amex Everyday (1k) Chase Slate (10k) Walmart MC(10k) BB Visa (10k) Discover(4.5k☝️) PayPal Cashback Mastercard (8k) Chase FU (7.4k) Citi AAdvantage Gold World Elite (9.5K) Citi Double Cash (8.5k) Fidelity® Rewards Visa Signature® Card (6.5K) PenFed PCR (5K) PayPal Credit (4550)Discover (500✌️) Kohls (3k) Chase Freedom (1500)

Mortgage May 2017 - 2 auto loans (1 PenFed and 1 Navy) Aug 2018=98K
Gardening until June 2021

FICO 8 Scores EX 700 EQ 696 TU 703
AAOA 5.2yrs TCL=268,700
Message 11 of 17
jtb2016
New Contributor

Re: Joined PenFed - Power Cash Approval! PLOC Pending?

How much did you request and did you get it all after recon? I only request 5k so thinking that may help my case since it is a small amount against a 140k income. 

Message 12 of 17
CreditCuriosity
Moderator

Re: Joined PenFed - Power Cash Approval! PLOC Pending?


@jtb2016 wrote:

How much did you request and did you get it all after recon? I only request 5k so thinking that may help my case since it is a small amount against a 140k income. 


Requuested only 5k on initial and as stated initial instant declined.. Got full amount after my recon, really didnt need more as have a 15k navy CLOC as well and tons of other credit .just figured I would get it while getting a new visa with them and a car loan all under one HP.  My salary is up there with yours as well, granted I only have 800 in CC debt and less than 1% utilization on 280-300k in available credit.   Keep 10k in penfed checking at any given point as well.   How long you been with penfed or did you just apply for the CC and PLOC and didn't really put any money other then 10 or whatever to open relationship?  If so they migt want to see 6 months to 12 months prior to approving your PLOC

Message 13 of 17
jtb2016
New Contributor

Re: Joined PenFed - Power Cash Approval! PLOC Pending?

So I decided to send a letter and request a recon. I included the fact that I think they had my utilization wrong, no lates in 55 months, and all the collections were paid.  Plus, I was asking for a modest 5k off a 140k income.  I will update once I know more.  It has already switched online and is now back to pending.

Message 14 of 17
jtb2016
New Contributor

Re: Joined PenFed - Power Cash Approval! PLOC Pending?

Still denired on this one - at least I tried.

Message 15 of 17
CreditCuriosity
Moderator

Re: Joined PenFed - Power Cash Approval! PLOC Pending?


@jtb2016 wrote:

Still denired on this one - at least I tried.


Sorry to hear.. If you are still interested in it along with a CLI in a year from now hit them up once you have some history with them and most likely you will get a nice CLI based on your income and the PLOC.  If you want a PLOC might I suggest NFCU?  Their is a way to join that credit union for the general public and they are very easy to get approved for.  CLOC is the exact same as a PLOC as both just a line of credit with different names.  Should get 15k the max as long as your scores are in the 680-690 EQ 08 range

Message 16 of 17
jtb2016
New Contributor

Re: Joined PenFed - Power Cash Approval! PLOC Pending?

Well, I got the survey and I said I was disappointed. Missed the call now waiting on a return call.  I guess the door isn't shut yet....but I am not holding my breath.

 

I just sent my paperwork into NFCU after joining the Navy League.  My TU score is around 700 so shouldn't be an issue with the CC.  Equifax has always killed me though so not sure what to expect from the CLOC. 

Message 17 of 17
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